CPI Card Group® and Fit Pay® Collaborate on Contactless Payment Objects
July 09 2019 - 9:00AM
Business Wire
CPI’s Adaptives™ Embedded Contactless
Technology Powers Fit Pay’s New Flip Payment Device
CPI Card Group Inc. (Nasdaq: PMTS, TSX: PMTS) (“CPI” or the
“Company”), a payment technology company and leading provider of
credit, debit and prepaid solutions, today announced a
collaboration with Fit Pay, Inc., a leader in the contactless
payments space and subsidiary of Nxt-ID, Inc. (NASDAQ: NXTD). Fit
Pay selected CPI’s embedded contactless technology, Adaptives™, to
power contactless transactions for Flip, its new contactless
payment device.
Flip allows consumers to make purchases at millions of retail
locations that accept contactless payments. Accompanying the
physical Flip is Fit Pay’s digital wallet, which enables consumers
to store and manage funds transferred from standard bank accounts,
supported Bitcoin wallets and more. Similar in size to a poker
chip, Flip gives contactless payment power to consumers in an
imaginatively compact and convenient form.
“Along with the shift to contactless payments, we’re also seeing
an evolution in consumers’ relationships with their wallets. People
went from paying with cash to mostly paying with cards,” said Jack
Jania, VP of Product Management and Innovation, CPI Card Group.
“There’s significant appeal and interest in easy to carry and quick
to access payment methods, and payment objects help answer that
call. We’re thrilled to work with Fit Pay to introduce such a
distinct, contactless payment innovation in the U.S.”
Through its small size, thinness, flexibility and
cost-effectiveness, CPI’s Adaptives allows companies to “adapt” the
technology for multiple end uses and form factors for contactless
payment. Additionally, CPI’s dedication to customer support helps
companies create payment objects that capture their brand identity,
no matter how simple, complex or novel they may be. CPI worked in
close collaboration to integrate Adaptives with Fit Pay’s desired
form factor to produce the contactless-enabled Flip.
“We have always been committed to advancing payment technology,
and CPI has helped us create a new contactless payment option for
consumers,” said Michael Orlando, COO of NXT-ID and President of
Fit Pay, Inc. “Flip represents a new way for people to make
contactless purchases everyday with an inexpensive, easy to use
form factor. We look forward to seeing the number of Flip users
grow and working with CPI to bring more and more innovative
contactless payment devices to market in the future.”
Non-fiat funds (i.e. cryptocurrency) must first be converted to
U.S. dollars before those funds are loaded onto Flip. There are
account and exchange fees associated with maintaining a Flip
digital wallet. Flip is currently only available in the United
States.
To learn more about Flip, click here.
To learn more about Adaptives™, click here.
About CPI Card Group
CPI Card Group is a payment technology company and leading
provider of credit, debit and prepaid solutions delivered
physically, digitally and on-demand. CPI helps our customers foster
connections and build their brands through innovative and reliable
solutions, including financial payment cards, personalization and
fulfillment, and Software-as-a-Service (SaaS) instant issuance. CPI
has more than 20 years of experience in the payments market and is
a trusted partner to financial institutions and payments services
providers. Serving customers from locations throughout the United
States, CPI has a large network of high security facilities, each
of which is certified by one or more of the payment brands: Visa,
Mastercard®, American Express and Discover®. Learn more at
www.cpicardgroup.com.
NXT- ID, Inc. and Fit Pay, Inc. Nxt-ID, Inc. (NASDAQ:
NXTD) provides a comprehensive platform of technology products and
services that enable the Internet of Things (IoT). With extensive
experience in access control, biometric and behavior-metric
identity verification, security and privacy, encryption and data
protection, payments, miniaturization and sensor technologies,
Nxt-ID develops and markets groundbreaking solutions for
healthcare, payment and IoT applications. Nxt-ID includes three
mobile and IoT-related subsidiaries: LogicMark, LLC, a manufacturer
and distributor of non-monitored and monitored personal emergency
response systems ("PERS") sold through dealers/distributors and the
United States Department of Veterans Affairs; Fit Pay, Inc., a
proprietary technology platform that delivers end-to-end solutions
to device manufacturers for contactless payment capabilities,
credential management, authentication and other secure services
within the IoT ecosystem. Learn more about Nxt-ID at
www.nxt-id.com. For Nxt-ID Inc.
corporate information contact: info@nxt-id.com
Forward-Looking Statements for Nxt-ID: This press release
contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. Forward-looking
statements reflect management's current expectations, as of the
date of this press release, and involve certain risks and
uncertainties. Forward-looking statements include statements herein
with respect to the successful execution of Nxt-ID's business
strategy. Nxt-ID's actual results could differ materially from
those anticipated in these forward-looking statements as a result
of various factors. Such risks and uncertainties include, among
other things, our ability to establish and maintain the proprietary
nature of our technology through the patent process, as well as our
ability to possibly license from others patents and patent
applications necessary to develop products; the availability of
financing; Nxt-ID's ability to implement its long range business
plan for various applications of its technology; Nxt-ID's ability
to enter into agreements with any necessary marketing and/or
distribution partners; the impact of competition, the obtaining and
maintenance of any necessary regulatory clearances applicable to
applications of Nxt-ID's technology; and management of growth and
other risks and uncertainties that may be detailed from time to
time in Nxt-ID's reports filed with the Securities and Exchange
Commission.
EMV is a registered trademark or trademark of EMVCo LLC in the
United States and other countries.
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version on businesswire.com: https://www.businesswire.com/news/home/20190709005166/en/
ICR Inc. for CPI Card Group Sourav Das 203-682-8283
media@cpicardgroup.com
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